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Banks Lose in Senate Today Over Debit Card Fees

by Marian Wang ProPublica, What’s arguably been the biggest lobbying brawl so far this year came to a head today in the Senate when lawmakers voted against delaying a controversial element of the Dodd-Frank financial reform legislation. The vote clears the way for the Federal Reserve to set rules that would limit banks’ revenue from …

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Lobbyists Battle Debit Card Charges

ProPublica Controversy over the Fed’s proposed debit card regulations has largely focused on the proposed cap on interchange fees-the fees banks receive from merchants for processing debit transactions. That provision has sparked an all-out lobbying war between merchants who think interchange fees are too high and banks who accuse the government of attempting to fix prices. …

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Behind the Battle Over Hidden Debit Card Fees

by Marian Wang, ProPublica A provision within the financial reform bill that would regulate debit card transaction fees could be postponed by a year or two following fierce objections from banks. Specifically, banks large and small are objecting to a Fed proposal to limit what are known as interchange fees — the fees they collect …

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